(RTTNews) - New Zealand Stock Market opened slightly lower on Friday on a mixed overnight lead from the Wall Street, where major U.S. averages ended the trading session on both sides of the unchanged line.

The benchmark NZX 50 index was down 2.34 points or 0.09% to 2,747.80 shortly after the market opened for the day, while the broader NZX All Capital Index fell 3.97 points or 0.14% to 2,783.02.

The New Zealand market showed a modest rise on Thursday after Fletcher Building’s earnings came in line with market expectations and Steel & Tube Holdings posted a jump in its earnings. The benchmark NZX-50 index closed at 2,750, up 20 points or 0.73%.

Fletcher Building rose 0.73% after the company announced that it is well placed to meet the challenges of the current financial downturn, despite its net profits for the six months to December falling to $172 million from $235 million in the corresponding period last year. Meanwhile, Steel & Tube Holdings surged up 5.08% after its first-half profit more than doubled on higher steel prices.

Overseas, U.S. stocks moved sharply higher going into the close of trading on Thursday after spending most of the session in negative territory. The weakness seen for much of the trading day came as traders reacted negatively to a mixed bag of economic news. Nonetheless, most stocks rebounded in the final hour of trading.

The volatility in the U.S. markets came as some traders are now looking beyond the proposed economic stimulus bill, waiting for the details of the Obama administration’s financial rescue plan after Treasury Secretary Timothy Geithner’s broad outline of the plan contributed to a sell-off on Wall Street on Tuesday.

The major U.S. averages ended the session mixed, with the Dow finishing the day modestly lower. While the Dow closed down 6.77 points or 0.1 percent at 7,932.76, the Nasdaq closed up 11.21 points or 0.7 percent at 1,541.71 and the S&P 500 closed up 1.45 points or 0.2 percent at 835.19.

Crude oil plunged again on Thursday and tested a four-year low. Prices dropped amid ongoing concerns supplies will continue to outweigh demand with the economy struggling.

Light sweet crude oil for March delivery dropped to $33.98, down $1.96 on the New York Mercantile Exchange on Thursday. This was the lowest close for a front-month contract since Dec. 19 when January ended at a four-year low of $33.98 on its final day before expiration.

On the currency front, the New Zealand dollar was buying US51.99c by 8am on Friday, when compared to US52.58c at 5pm on Thursday.

In the economic news for Friday, Statistics New Zealand releases its data on Retail Sales, Retail Sales Ex-Auto for December and Retail Sales Ex Inflation for the fourth quarter at 21:45 GMT.

In the early trading on the New Zealand stock market on Friday, top ranked share Telecom remained unchanged ahead of its earning announcement later in the day. The second ranked Contact Energy dropped 0.30% and Fletcher Building, the third best stock, eased 0.18%.

In the retail sector Hallenstein Glasson and Pumpkin Patch remained unchanged in the day’s early trading. Meanwhile, jewelry retailer Michael Hill International dropped 1.89%, as Warehouse added 1.45%.

In the energy sector Vector remained unchanged, as TrustPower slipped 0.26% in the early trading on Friday.

Among the dual listed issues, AMP, APN News & Media, Lion Nathan, Telstra and Westpac Bank remained unchanged, as Australia and NZ Banking Corp added 0.27%.

Among other notable stocks, Infratil, Methven, Sky City and Steel & Tube Holdings remained unchanged, as Mainfreight surged 1.55%. Nuplex dropped 0.41%, as Sky Network Television fell 0.71%. Fisher & Paykel Appliances declined 0.98%, as Fisher & Paykel Healthcare collected 0.59%.

The gainers in the early trading on Friday included AMP NZ Office Trust by 1.06%, Guinness Peat Group by 1.23%, New Zealand Oil & Gas by 0.74%, Skellerup Holdings by 1.39% and Tower by 0.63%.

The major losers on Friday morning included Auckland International Airport by 0.53%, Ebos Group by 1.12%, Goodman Property Trust by 2.17%, ING Medical Properties Trust by 0.83%, NZ Farming Systems by 1.67% and Port of Tauranga by 0.52%.

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Posted in Categories: Australia, New Zealand, Releases, Stocks, USA.

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